Maritime Bank issues more than 350 million shares to raise charter capital

MSB has just entered the VNFin Lead index in July and the VN Diamond index at the end of April

Maritime Bank (MSB) plans to issue 352.5 million new shares to pay dividends to existing shareholders in the third quarter. At the closing date of the list of shareholders to exercise their rights, shareholders with 100 shares will receive 30 additional shares.

To increase its charter capital, MSB uses its profit to pay dividends in 2020, after setting aside sufficient amounts and funds as prescribed by law and the remaining undivided profits of the previous year.

By the end of 2020, this bank’s accumulated undistributed after-tax profit was more than VND4,78 trillion ($208 million).

After the issuance, the number of outstanding shares of MSB is expected to increase from 1.16 billion to 1.53 trillion, with the charter capital will also increasing from VND11.75 trillion ($511.5 million) to VND15.28 trillion ($665 million).

At the end of the first six months of the year, MSB recorded a net interest income of VND2.9 trillion ($126.2 million), up 46 per cent over the same period in 2020. Net income from service activities increased 6.7 times to VND2.2 trillion ($96.77 million).

Net profit from foreign exchange business increased 98 per cent over the same period in 2020 to nearly VND200 billion ($8.7 million).

In contrast, activities from trading securities and investment securities decreased by VND204 million ($8,880) and 8.4 billion ($365,655), respectively, while in the same period, trading securities went down by VND81 million ($3,526), and investment securities gained VND347.7 billion ($15.1 million).

Profit before tax was VND3.1 trillion ($135 million), three times higher than the performance in the same period in 2020. Profit after tax was VND2.48 trillion ($108 million), three times higher than the performance in the same period in 2020 as well.

MSB's total assets at the end of the second quarter reached VND183.1 trillion ($7.97 billion), an increase of 4 per cent compared to the beginning of the year. In which, customer deposits reached VND86 trillion ($3.7 billion) and customer loans VND91.38 trillion ($4 billion).